>>>>>>>How low can we go......
>>>>>>
>>>>>>Or how 'up' can we go ;
>>>>>>
>>>>>>Today received letter from the bank right here in Cyprus
>>>>>>
>>>>>>Dear Sir
>>>>>>
>>>>>>Due to global financial turmoil and ....blah... we hereby inform you that interest rates as from now on are ...
>>>>>>
>>>>>>All accounts/loans were hit. Big increases on rates. Will access the damage at the end of the month when new installments
>>>>>>are due.
>>>>>>
>>>>>>Thank you Mr Greenspan
>>>>>
>>>>>So, Greenspan is somehow responsible for you taken interest-adjustable mortgage in a Cyprus-based bank? What rate do you pay now?
>>>>
>>>>
>>>>Everybody takes interes adjustable mortgages but jumps were never big like this. So now you gonna say that whole world is stupid
>>>>and have to pay for US financial mess because people took fixed rate loans ??
>>>>
>>>>As for rate;
>>>>I don't even know exactly. They increased bank margin on housing loan from 1.70 > 3.70
>>>>I knew that loans fluctuate based on central bank rate, but bank margin ??
>>>>Will have to check with bank tmrw ...
>>>>
>>>>
>>>>Not solely Greenspan fault for sure, but not everybody elses eighter.
>>>
>>>First of all, US-based financial mess would never affect Europe if the latter would not have a mess of own creation. Secondly, it is a personal choice, at least in America, which type of loan to take, and, generally speaking, people taking adjustable mortgages are considered to be either obscenely rich or plain stupid. Also, I am really perplexed by the fact that you don't even know what kind of interest you pay right now, but at the same time you seem to firmly know that this is someone else, i.e. American, fault.
>>
>>I don't know what a heck are you talking about. Nobody takes fixed rate installments. Unless you are ex-con or something and bank would not loan you otherwise. Last time I had one was car loan back in 1997 , banks don't even offer them any more I think.
>>
>>Yeah, It is all Obama's fault!
>>If it is not Obama then it is sure Europe fault!
>>If none works, then try Al-qaeda.
>>
>>Stay perplexed.
>
>Your auto loans are not fixed rate?

No. Most of bank turned them into normal (variable {g}) loans.

BTW case is closed!
I owe an apology to old man Greenspan. (aldough it was meant as joke)
This has nothing to with US chrises, despite wording of the letter.

It was greed/prank of local bank cartel !
They decided to rise interest rates so they can finance deposits by higher interest rates which is apparemtly now profitable.
They used Financial crises as lame excuse. (You should see the letter...)

It cased huge public outrage, which I overslept (home sick) so by the time I got at work this morning and asked about it
they told me that major increase on rates was scraped (housing loans) by intervention of central bank and ministry of finance.
They will however increase rates on short term loans.

Seem that our bankers have more then few things in common. Greed, Greed and more Greed {g}